Do you want to know how to buy Chainlink in Canada? Well, you’re in the right place.
Chainlink is a protocol that assists smart contracts in confirming that the data they are working with is spot on and accurate. You can think of smart contracts as pieces of code that are carried out once some specific conditions are met.
Chainlink is built off the Ethereum network. Most DeFi applications also happen to be built on Ethereum, too. The official Chainlink coin is called the LINK Coin.
Everything you need to know about Chainlink, including how to buy it in Canada, is contained in this article. So, stick around and get all the important information you need.
How to Buy Chainlink in Canada:
Step 1 – Create an Account
To create an account on a crypto exchange, you will need to verify your email address and personal identity. Make sure you have a photo ID and a device ready.
Step 2 – Make a Deposit
From the moment you are verified, you can begin depositing money using the payment method that you prefer. Payments are widely accepted as long as the exchange operates in your region.
Step 3 – Buy Your Chainlink
If you have successfully done all of this, you can now exchange your money for Chainlink. If you are using an exchange in Canada that makes buying and selling easier and more efficient, this part of the process is as easy as entering the amount you want to buy and clicking to proceed. If it is what you want, you can withdraw your Chainlink to your personal wallet. The ball is in your court.
If you weren’t sure about how to go about buying Chainlink, now you know.
Where to Buy Chainlink in Canada
Here is a list you can pick from if you want to buy Chainlink:
- Bitbuy Exchange
Here’s a comprehensive list of top crypto exchanges in Canada, you can buy Chainlink from.
What to Consider When Buying Chainlink in Canada
Here are some things you should keep in mind:
Integrating an oracle network with real-world APIs is a highly sought-after application in the blockchain ecosystem, and Chainlink is not the only company working on this.
Some competitors include Band Protocol and API3. But Chainlink is one of the strongest players in this space and has the greatest public exposure relative to their competition. So, interested Canadians can keep this in mind.
Considering Chainlink’s desire to integrate with real-world applications, partnerships will play a large role in the network’s widespread adoption.
How? Well, Chainlink also has a keen eye on blockchain-based integration. It is worth keeping an eye out for partnership announcements, past or future. You can view the entire Chainlink ecosystem on their webpage.
Chainlink was co-founded in 2017 by Sergey Nazarov, who began his career in tech by developing peer-to-peer marketplaces back in 2009.
Steve Ellis, the other co-founder, previously worked with Nazarov on SmartContract, which ended up being a precursor for Chainlink. So, you’re in good hands on the techy side of things if you wish to buy.
How to Sell Chainlink (LINK)
- Sign in to the exchange you have LINK on
- Place a sell order
- Complete your transaction
Not only do you now know how to buy Chainlink in Canada, you now know how to sell.
What Can You Do With Chainlink?:
The Chainlink network is what is in between off-chain and on-chain services. Its applications are quite wide-reaching in the DeFi world. Chainlink lists 77 use cases for smart contracts alone.
Chainlink can also be valuable for the enterprise community. Organizations in and outside Canada looking to connect to a blockchain can count on Chainlink as a secure way of doing that.
What’s more? Chainlink has a special coin called LINK. The only problem is that there aren’t a whole lot of places you can spend it outside the Chainlink network.
It is used to pay node operators the majority of the time. You can think of node operators as the people who do the verification side of things.
Is Chainlink a Smart Investment?:
Investment carries risk, and Chainlink is no exception. As the saying goes, the bigger the risk, the higher the reward. However, we would recommend that you never invest what you cannot afford to lose. Buy what you can, but be vigilant.
So, how can you make a profit? The most advisable way to grow your wealth for the future is with a diverse portfolio that doesn’t cost much.
It is also important to stay abreast of the latest developments in the crypto community in Canada and around the world.
How Safe is Chainlink?
Very safe. Chainlink does not joke with its security. It has a string of prominent partnerships with well-known tech companies, so it has a lot on the line in terms of its reputation and its investments.
Ultimately, don’t be afraid to take that leap to buy Chainlink.
1. Remarkable Partnerships
One of the biggest pros of ChainLink and its coin LINK is that it has been successful in terms of partnerships with numerous companies of high repute in the crypto ecosystem and beyond. An added advantage of buying Chainlink.
2. Innovative Ambitions
The concept of a decentralized oracle service is peculiar and adding it to the ambition of promoting blockchain’s Interactivity of operation is definitely a bonus point for ChainLink when it comes to crypto projects in or outside Canada.
Concerns of overdependence on SWIFT
is recognized among ChainLink’s partnerships. Undoubtedly, it is an opportunity that is worth talking about, but there is a looming danger of overdependence on it.
Insufficient Marketing Efforts
Despite the notable and impressive innovation it has introduced in the crypto ecosystem, Chainlink has not done enough to advertise its progressive features. Underwhelming marketing efforts have meant that ChainLink is still a mystery to many people.
A big positive is that Chainlink has a partnership with SWIFT. For those who do not know SWIFT, it is the largest global provider for secure financial messaging transactions. Via SWIFT, the Team will have access to thousands of high-profile banks and institutions around the globe.
This kind of access is important, as it helps to make sure their operations run smoothly and their LINK coin gets a strong perception in crypto spaces.
Blockchain Interoperability is currently being tagged as one of the major ways that blockchain technology will make its big break into the mainstream where people can be more aware of it.
One thing Chainlink is known for is its ability to provide interoperability between chains such as Bitcoin and Ethereum. It takes it a step further by connecting existing banks and payment providers without hassle.
All in all, the Chainlink experience should be a positive one for you as a result of their progressive and innovative ideas.
Just keep in mind that you might not be able to use your LINK coin outside of the platform because many merchants don’t accept it yet.
Where Can You Store Your Chainlink Coins?
Chainlink’s LINK coin is an Ethereum-based ERC20 token, so it can be kept on most major Ethereum wallets. Some of these wallets include:
- Mobile wallets like Trust wallet and Atomic wallet
- Web wallets like Metamask or MyEtherwallet
- Hardware wallets such as Trezor, Ledger, Nano S, and Bluetooth-enabled Ledger Nano X
As ever, always be security conscious to avoid being hacked. Make sure your stored funds are safe. Always store your crypto assets in a crypto wallet where the private key is secure and out of the public eye.
It’s easy to forget in the noise of the crypto markets that there are numerous underlying problems and limitations faced by blockchain technology.
One of those problems is that blockchains are only as useful as the data they transfer, and getting information from outside the blockchain is hard. ChainLink has been focusing on resolving this problem for a long time now. That is why we believe it stands out from similar projects.
ChainLink is one of the better-performing altcoins on the market, but that doesn’t mean investors can sit back and relax. It may be early days yet for ChainLink, but investors need to keep a close eye on the project if they want to reap the rewards. If you believe in ChainLink, then you should definitely invest with both eyes open.
Can I move my Chainlink to my bank account?
You can withdraw funds from the cash balance in your crypto account and move them to your bank account. Withdrawals typically take roughly 2 to 3 business days.
How is Chainlink (LINK) taxed in Canada?
In a nutshell, the CRA treats cryptocurrencies as a commodity. According to them:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
We recommend always keeping records of Chainlink transactions. It could turn out to be useful in the long run.
What is a crypto wallet and how does it work?
A crypto wallet also called a “hot wallet, is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage).
Many users use wallet applications to help them manage their blockchain addresses since each chain uses its own separate address.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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